Bill Ford buys the oldest surviving Ford for $264,000

The Executive Chairman of the Ford Motor Company has been revealed as the high bidder for the oldest-known surviving Ford automobile, which was sold at an RM Auction Hershey, Penn., in October for $264,000. The identity of the buyer had previously been kept under wraps.

The 1903 Ford Model A Rear Entry Tonneau is believed to be the third car produced under the auspices of the newly-formed company and was sold on July 19th of that year to Iowa butter maker Herbert L. McNary. McNary handed over $1,350 for all three of the cars that day, which represented the full price of $850 for one plus down payments others. It was a welcome injection of funds for the fledgling automaker, which only had $250 cash on hand at the time and was in dire straits.

Looks like Bill Ford got a pretty good deal on it, too. The fully-restored four-seater was last sold in 2007 for $693,000. He picked it up to help celebrate the 150th anniversary of his great-grandfather and company founder Henry Ford’s birthday, which is coming up on July 30th, 2013.